NJ S4915

Imposes a 50% tax on the fair market value when investment entities (pooled fund managers acting as fiduciaries) acquire residential properties of 1-4 dwelling units in New Jersey

Defines "hedge fund taxpayer" as entities with $50 million or more in pooled assets under management, subjecting them to stricter ownership limits than other applicable taxpayers

Phases down the maximum number of residential properties these entities may own tax-free over 10 years, decreasing by 10% annually from the applicable date

After 10 years, hedge fund taxpayers face a maximum of zero permissible units, while other applicable taxpayers may own up to 50 units without triggering the tax

Exempts acquisitions involving less than 50% ownership interest, unoccupied foreclosed properties, properties used as primary residences by owners, and properties funded by federal or public housing programs